Company Income Tax collection increased in seven sectors of the economy in the first quarter of 2024 despite a general decline of about 12.87 per cent quarter-on-quarter during this period.
According to the latest data on CIT released by the National Bureau of Statistics, CIT dropped to N984.61bn in Q1 from N1.13tn in Q4 2023. However, the total CIT collection rose by 109.93 per cent yearly from N469.01bn in Q1, 2023.
The NBS revealed that seven of the 21 sectors where CIT was collected recorded an upswing within the quarter under review compared to the previous quarter.
They included financial and insurance activities (2.56 percent), mining and quarrying (21.29 percent), public administration, defence and compulsory social services (24.60 percent), and water supply, sewerage, and waste management (3.52 percent).
Others included the activities of extraterritorial organisations and bodies (22.59 per cent), households as employers (+330.42 per cent) and administrative and support services (33.18 per cent). The other 14 sectors reported a decline, the largest being the manufacturing sector, which dropped 70 percent to N43.17bn from N145.06bn.
